Is your lease (rental) agreement over or coming to an end soon?
Here is what you need to know:
- The end of a lease doesn’t mean the you have to move out, unless you want to in which case you must give at least 60 days notice of termination before the end of the lease. Make that you have a proof of notice delivery to the landlord. Keep a copy of the notice for yourself.
- A lease can be renewed for another fixed term if you and the landlord agree, and the new lease is made.
- If you don’t renew or make a new lease, you can stay as a “month to month tenant”. In this case if you want to move out afterward you must give at least 60 days notice of termination. The termination date must fall at the end of a month.
- All the rules of the former lease will still apply to the landlord and tenant. However, the landlord could increase the rent by the amount allowed under the rent increase guideline. The rent cannot be increased until at least 12 months have passed since you moved in. The landlord must give you at least 90 days written notice in the proper form.
- Reevaluate all your monthly expenses and consider buying a property instead of renting. It is easier than you think. This way you might save thousands of dollars over time instead of helping your landlord to pay off mortgage.
Thinking of moving out early? Know your options. Here is a full version of Ontario Residential Tenancies Act.